(Rick Moran – PJ Media) The Department of Labor has finalized a rule that would give the go-ahead to fund managers to base their investment decisions on environmental, social, and governance (ESG) factors.
The rule “clarifies” the 1974 Employee Retirement Income Security Act (ERISA), which Donald Trump’s Labor Department amended with a rule to prevent fund managers from considering factors that were immaterial to financial performance or risk.
The Biden administration’s rule will now allow retirement fund managers to consider factors like climate change, a company’s attitude toward unions, and the diversity of its workforce when choosing to invest.
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